📊 $RENDER Crypto Breaks Trendline: Is it Headed for $31 Target?

Render crypto on the weekly timeframe revealed bullish activity. As the RENDER/USDT pair breaking through a descending trendline that previously capped price advances since its peak in October 2023. This breakout indicated a strong reversal from bearish to bullish sentiment.

From October 2023 to April 2024, RNDR was trapped below a resistance level. Its price was trapped at approximately $6.50, which aligned with the descending trendline.

The breach occurred on volume, confirming the breakout’s legitimacy. After the break, price escalated sharply, moving past several minor resistance levels without retracement, indicating strong buying pressure.

The price stood near $10.90, having just surpassed the $10 resistance level, which was a previous high in July 2024.

The next major target according to the analysis was around $31. This target was optimistic, assuming that the current momentum continued without significant pullback.

If Render maintains the trajectory, breaking past intermediate resistances at $15 and $24 (both key psychological and technical levels) it could indeed reach the $31 mark.

However, traders should watch for any signs of volume decline or bearish divergence on the RSI. It could signal a temporary pullback or consolidation before further upward movements.

🔸 #RENDER Crypto Reduces Drawdown from its ATH

The breakout made RENDER’s substantial recovery reducing its current percentage drawdown from the all-time high (ATH), to just -21.10%.

The price of RENDER crypto saw dips with drawdowns plunging as low as -90%. This depicted severe market downturns for the crypto.

The price trajectory on the chart showed a consistent upward movement. The price line moving closer to the zero drawdown mark, highlighting a reduced gap from its ATH.

This improvement suggested a resurgence in investor confidence and market valuation of RENDER.

💬 RENDER Percentage Drawdown From ATH — Into The Cryptoverse (@ITC_Crypto) December 8, 2024